Published on 3/31/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays issues $1.8 million of phoenix autocallables tied to VanEck Vectors Gold ETF
By Devika Patel
Knoxville, Tenn., March 31 – Barclays Bank plc priced $1.8 million of phoenix autocallable notes due March 30, 2018 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes will pay a contingent coupon at the rate of 10% per year if the fund closes at or above its barrier level, 65% of its initial level, on the observation date for that quarterly period. Otherwise, no coupon will be paid for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above its initial level on Sept. 28, 2017 or Dec. 28, 2017.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon unless the fund finishes below its initial level and closes below the barrier level of 65% of the initial level, during the life of the notes, in which case investors will lose 1% for every 1% that the fund finishes below its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying ETF: | VanEck Vectors Gold Miners
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Amount: | $1,799,000
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Maturity: | March 30, 2018
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Coupon: | Every quarter, notes pay contingent coupon at rate of 10% per year if fund closes at or above coupon barrier level on observation date for that quarterly period; otherwise, no coupon paid that quarter
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Price: | Par
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Payout at maturity: | Par plus final contingent coupon if fund finishes above initial level and never closes below barrier level during the life of the notes, otherwise, 1% loss for every 1% that fund finishes below initial level
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Call: | Automatically at par plus contingent coupon if fund closes at or above initial level on Sept. 28, 2017 or Dec. 28, 2017
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Initial index level: | $22.81
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Barrier level: | $14.83; 65% of initial level
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Pricing date: | March 28
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Settlement date: | March 31
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06741VMH2
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